IndexIQ Advisors LLC Sells 67 Shares of Extra Space Storage Inc. (NYSE:EXR)

IndexIQ Advisors LLC lessened its holdings in Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 2.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,206 shares of the real estate investment trust’s stock after selling 67 shares during the period. IndexIQ Advisors LLC’s holdings in Extra Space Storage were worth $500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in EXR. Huntington National Bank increased its holdings in Extra Space Storage by 35.3% in the 4th quarter. Huntington National Bank now owns 203 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 53 shares during the period. TAP Consulting LLC acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at $51,000. Signaturefd LLC boosted its stake in shares of Extra Space Storage by 25.4% in the 3rd quarter. Signaturefd LLC now owns 350 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 71 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Extra Space Storage by 302.8% in the 4th quarter. IFP Advisors Inc now owns 431 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 324 shares in the last quarter. Finally, National Bank of Canada FI acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at $105,000. 93.87% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO Joseph D. Margolis sold 5,000 shares of the stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $208.34, for a total value of $1,041,700.00. Following the completion of the sale, the chief executive officer now owns 62,035 shares of the company’s stock, valued at approximately $12,924,371.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gwyn Goodson Mcneal sold 3,500 shares of the stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $192.11, for a total value of $672,385.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,625 shares of company stock valued at $2,314,085 over the last ninety days. Company insiders own 2.20% of the company’s stock.

Several equities research analysts have recently commented on EXR shares. Morgan Stanley reduced their target price on shares of Extra Space Storage from $175.00 to $172.00 and set an “underweight” rating on the stock in a research note on Wednesday, March 2nd. StockNews.com started coverage on shares of Extra Space Storage in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Jefferies Financial Group downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating and reduced their price target for the stock from $229.00 to $223.00 in a research report on Monday, January 10th. JPMorgan Chase & Co. upped their price target on shares of Extra Space Storage from $220.00 to $224.00 and gave the stock a “neutral” rating in a research report on Monday, April 4th. Finally, Truist Financial upped their target price on shares of Extra Space Storage from $213.00 to $220.00 in a research report on Tuesday, January 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $199.13.

Shares of EXR stock opened at $212.44 on Tuesday. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $28.52 billion, a PE ratio of 34.38, a price-to-earnings-growth ratio of 3.71 and a beta of 0.41. The stock has a 50-day moving average of $199.01 and a 200-day moving average of $199.88. Extra Space Storage Inc. has a one year low of $141.67 and a one year high of $228.84.

Extra Space Storage (NYSE:EXR – Get Rating) last posted its earnings results on Wednesday, February 23rd. The real estate investment trust reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.51. Extra Space Storage had a return on equity of 24.72% and a net margin of 54.24%. The business had revenue of $364.50 million during the quarter, compared to analysts’ expectations of $360.16 million. During the same period in the prior year, the business earned $1.48 EPS. Extra Space Storage’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, research analysts anticipate that Extra Space Storage Inc. will post 7.92 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Tuesday, March 15th were paid a dividend of $1.50 per share. This is a boost from Extra Space Storage’s previous quarterly dividend of $1.25. This represents a $6.00 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Monday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 97.09%.

Extra Space Storage Profile (Get Rating)

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.

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